The Salary Needed to Buy a Home in 50 U.S. Metro Areas
Over the last year, home prices have risen in 49 of the biggest 50 metro areas in the United States.
At the same time, mortgage rates have hit seven-year highs, making things more expensive for any prospective home buyer.
With this context in mind, today’s map comes from HowMuch.net, and it shows the salary needed to buy a home in the 50 largest U.S. metro areas.
The Least and Most Expensive Metro Areas
As a reference point, the median home in the United States costs about $257,600, according to the National Association of Realtors.
|Median Home Price||Montly Payment (PITI)||Salary Needed|
With a 20% down payment and a 4.90% mortgage rate, and taking into account what’s needed to pay principal, interest, taxes, and insurance (PITI) on the home, it would mean a prospective buyer would need to have $61,453.51 in salary to afford such a purchase.
However, based on your frame of reference, this national estimate may seem extremely low or quite high. That’s because the salary required to buy in different major cities in the U.S. can fall anywhere between $37,659 to $254,835.
The 10 Cheapest Metro Areas
Here are the cheapest metro areas in the U.S., based on data and calculations from HSH.com:
|Rank||Metro Area||Median Home Price||Monthly Payment (PITI)||Salary Needed|
After the dust settles, Pittsburgh ranks as the cheapest metro area in the U.S. to buy a home. According to these calculations, buying a median home in Pittsburgh – which includes the surrounding metro area – requires an annual income of less than $40,000 to buy.
Just missing the list was Detroit, where a salary of $48,002.89 is needed.
The 10 Most Expensive Metro Areas
Now, here are the priciest markets in the country, also based on data from HSH.com:
|Rank||Metro Area||Median Home Price||Monthly Payment (PITI)||Salary Needed|
|#6||New York City||$403,900||$2,465.97||$105,684.33|
Topping the list of the most expensive metro areas are San Jose and San Francisco, which are both cities fueled by the economic boom in Silicon Valley. Meanwhile, two other major metro areas in California, Los Angeles and San Diego, are not far behind.
New York City only ranks in sixth here, though it is worth noting that the NYC metro area extends well beyond the five boroughs. It includes Newark, Jersey City, and many nearby counties as well.
As a final point, it’s worth mentioning that all cities here (with the exception of Denver) are in coastal states.
Notes on Calculations
Data on median home prices comes from the National Association of Realtors and is based on 2018 Q4 information, while national mortgage rate data is derived from weekly surveys by Freddie Mac and the Mortgage Bankers Association of America for 30-year fixed rate mortgages.
Calculations include tax and homeowners insurance costs to determine the annual salary it takes to afford the base cost of owning a home (principal, interest, property tax and homeowner’s insurance, or PITI) in the nation’s 50 largest metropolitan areas.
Standard 28% “front-end” debt ratios and a 20% down payments subtracted from the median-home-price data are used to arrive at these figures.
Where Are the Oldest Companies in Existence?
Which companies have stood the test of time? This detailed map highlights the oldest company in every country that is still in business.
Where Are the Oldest Companies in Existence?
View the high resolution version of this infographic by clicking here.
In just a few decades, it’s possible that some of today’s most recognized companies may no longer be household names.
Corporate longevity, or the average lifespan of a company, has been shrinking dramatically.
In the 1960s, a typical S&P 500 company was projected to last for more than 60 years. However, with the rapidly transforming business landscape today, it’s down to just 18 years.
The Companies With the Strongest Staying Power
Even with companies skewing younger, there are always exceptions to the rule.
Luckily, many companies around the world have stood the test of time, and today’s detailed map from Business Financing highlights the oldest company in existence in each country.
For centuries, here are the world’s oldest corporations which have made their mark:
|578||Kongō Gumi Co., Ltd.||Japan||Construction|
|803||St. Peter Stifts Kulinarium||Austria||Service Industry (Restaurant)|
|862||Staffelter Hof||Germany||Distillers, Vintners, & Breweries (Winery)|
|864||Monnaie de Paris||France||Manufacturing & Production (Mint)|
|886||The Royal Mint||England||Manufacturing & Production (Mint)|
|900||Sean’s Bar||Ireland||Service Industry (Pub)|
|1040||Pontificia Fonderia Marinelli||Italy||Manufacturing & Production (Bell foundry)|
|1074||Affligem Brewery||Belgium||Distillers, Vintners, & Breweries|
|1135||Munke Mølle||Denmark||Manufacturing & Production (Flour Mill)|
|1153||Ma Yu Ching’s Bucket Chicken House||China||Service Industry (Restaurant)|
Whether they were born out of necessity to support a rapidly growing population—requiring new infrastructure and more money circulation—or simply to satisfy peoples’ thirst for alcohol or hunger for fried chicken, these companies continue to play a lasting role.
The Oldest Company in Every Country, by Region
Let’s dive into the regional maps, which paint a different picture for each continent.
In the following maps, countries are color-coded based on the major industry that the oldest company falls under:
- Primary: Natural resources
- Secondary: Manufacturing and processing
- Tertiary: Services and distribution
- Quaternary: Knowledge and information
Notes on Methodology:
This research considers both state-run and independent businesses in their definitions. For countries where data was hard to pin down, they have been grayed out.
As well, since many countries have a relatively new inception, present-day names and borders have been used. The map does not factor in older companies that are no longer in operation, or if it was unclear whether they were still open.
Click here to explore the full research methodology.
Mexico’s La Casa de Moneda de México (founded 1534) is the oldest company across North America, and the first mint of America. Owned by the Spanish conquistador Hernán Cortés, it was where the famous ‘pieces of eight’, or Spanish dollars were created.
In the U.S., the Shirley Plantation in Virginia is an ongoing reminder of the history of slavery. First founded in 1613, business actually began in 1638—and as many as 90 slaves were under indentured labor on the estate growing tobacco.
Further north, Canada’s Hudson’s Bay (founded 1670) was at the helm of the fur trade between European settlers and First Nations tribes—the two parties agreed on beaver pelts as a common, valuable trade standard.
Three of the five oldest companies in South America are mints—specifically in Brazil, Colombia, and Peru.
The oldest of these mints, Casa Nacional de Moneda in Peru, was built on order from Spain and established in 1565. After the great influx of newly-mined silver from America to Europe, the Spanish crown outlined to King Felipe II that building a mint would give the colony economic benefits and more control.
In total, 15 of Europe’s oldest companies are related to the food and beverage industries, from distilleries, vintners (winemaking), and breweries alongside restaurants and pubs. Austria’s St. Peter Stifts Kulinarium (founded in 803) is Europe’s oldest restaurant, located inside the St. Peter’s Abbey monastery.
Although Germany is famously known for its beer culture, its oldest company is in fact the Staffelter Hof Winery (founded in 862). Today, Germany is still a top wine country, with the industry generating up to $17 billion in revenue per year.
Asia has six oldest companies in the banking and finance category, as well as another six in the aviation and transport sector. The continent is also home to two of the world’s oldest companies, located in Japan and China.
The Japanese temple and shrine construction company, Kongō Gumi Co., Ltd. (founded in 578) has weathered a few storms over the millennia, from nuclear bombs to financial crises. In 2006, it was bought by the construction conglomerate, Takamatsu Construction Group Co., and continues to operate today.
In neighboring China, Ma Yu Ching’s Bucket Chicken House has endured dynasties of change as well. The company’s simple premise has come a long way, and it was named a cultural heritage in the country’s Henan Province.
Africa’s oldest companies are another vestige of the colonial legacy, with 11 transport companies—airlines, ports and shipping, and railways—and 9 postal services.
In fact, Cape Verde’s Correios de Cabo Verde (postal service, founded in 1849) and the DRC’s Société nationale des Chemins de fer du Congo (national railway company, founded in 1889) still go by their Portuguese and French names respectively.
Banking is another one of the oldest industries, with 17 companies across Africa. Zimbabwe’s Standard Chartered branch has been around since 1892, a subsidiary of its London-based parent company.
Australia officially became a country on January 1st, 1901—but its oldest company, the Australia Post (founded in 1809) precedes this by almost a century.
Interestingly, just one more old company could be located for this region, which is the Bank of New Zealand—one of the country’s Big Four banks.
All in all, these oldest companies paint a historical picture of the major industries which have shaped entire regions.
Did you recognize any on the list?
Mapped: Visualizing the True Size of Africa
Common map projections warp our view of the globe. This graphic reveals the true size of Africa, which could fit the U.S., China, India, and more.
Mapped: The True Size of Africa
Take a look at any map, and it’s clear that the African continent is a big place.
However, despite the common perception that Africa is a large landmass, it’s still one that is vastly underestimated by most casual map viewers.
The reason for this is that the familiar Mercator map projection tends to distort our geographical view of the world in a crucial way — one that often leads to misconceptions about the relative sizes of both countries and continents.
A Geographical Jigsaw
Today’s infographic comes from Kai Krause and it shows the true size of Africa, as revealed by the borders of the countries that can fit within the continent’s shape.
The African continent has a land area of 30.37 million sq km (11.7 million sq mi) — enough to fit in the U.S., China, India, Japan, Mexico, and many European nations, combined.
|Country||Land Area (sq. km)||Land Area (sq. mi)||% of Africa|
|Total||30.33 million sq. km||11.71 million sq. mi||99.9%|
|🇺🇸 United States||9.83 million||3.80 million||32.4%|
|🇨🇳 China||9.60 million||3.71 million||31.6%|
|🇮🇳 India||3.29 million||1.27 million||10.8%|
|🇲🇽 Mexico||1.96 million||0.76 million||6.5%|
|🇵🇪 Peru||1.29 million||0.50 million||4.2%|
|🇫🇷 France||0.64 million||0.25 million||2.1%|
|🇪🇸 Spain||0.51 million||0.20 million||1.7%|
|🇵🇬 Papua New Guinea||0.46 million||0.18 million||1.5%|
|🇸🇪 Sweden||0.45 million||0.17 million||1.5%|
|🇯🇵 Japan||0.38 million||0.15 million||1.3%|
|🇩🇪 Germany||0.36 million||0.14 million||1.2%|
|🇳🇴 Norway||0.32 million||0.13 million||1.1%|
|🇮🇹 Italy||0.30 million||0.12 million||1.0%|
|🇳🇿 New Zealand||0.27 million||0.10 million||0.9%|
|🇬🇧 United Kingdom||0.24 million||0.09 million||0.8%|
|🇳🇵 Nepal||0.15 million||0.06 million||0.5%|
|🇧🇩 Bangladesh||0.15 million||0.06 million||0.5%|
|🇬🇷 Greece||0.13 million||0.05 million||0.4%|
You could add together all of the landmasses above and they would not equate to the geographical footprint of Africa, which itself is home to 54 countries and 1.2 billion people.
Editor’s note: The above table is slightly different from the countries shown in the visualization, which focuses more on fitting recognizable country shapes into the geographical shape of Africa.
Why the Misconception?
Interestingly, the problem with maps is not that Africa is sized incorrectly.
Using the animation below, you’ll see that Africa is actually the most accurately sized continent using the common Mercator map projection:
The Mercator projection attempts to place the spherical shape of the world onto a cylinder, causing areas closest to the poles to be “stretched”.
Africa, which straddles the Equator, barely changes in size — meanwhile, the countries furthest from the Equator become inflated from their true sizes on this type of map.
For those of us living in Western countries, this is an interesting dilemma to consider.
This means that the sizes of European and North American countries are distorted, giving us an inaccurate mental “measuring stick” for judging the relative sizes of other countries.
This has implications not only for Africa, but for the whole Southern Hemisphere: South America, India, the Middle East, and even Australia are “bigger” than they may initially appear on a map.
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